Latest news with #TDRCapital
Times
3 days ago
- Business
- Times
Zuber Issa plots shock swoop for $10bn Castrol oils
The British forecourts tycoon who led a successful swoop for Asda is plotting an audacious multibillion-pound assault on Castrol oils. Zuber Issa, one half of the billionaire brothers from Blackburn who acquired Asda for £6.8 billion in 2020 with the backing of private equity firm TDR Capital, is understood to have set his sights on BP-owned Castrol after selling his stake in the supermarket last year. He is exploring plans to lead a consortium to acquire Castrol, which BP has put on the market for up to $10 billion (£7.5 billion), according to sources familiar with the situation. After seeing off Apollo Global Management and Lone Star Funds in the battle for Asda, Issa's latest move could once again pit him against a clutch of deep-pocketed private equity investors, and lead to him squaring off against the likes of Indian conglomerate Reliance Industries and Saudi Aramco, the world's biggest oil company.
Daily Mail
5 days ago
- Business
- Daily Mail
Asda boss shrugs off plunging sales and vows to press ahead with price war
The boss of Asda shrugged off tumbling sales as he cranked up a price war, and said he doesn't care about market share. Executive chairman Allan Leighton said his mission was seeing 'green shoots' after it slashed the price of thousands of products and improved stocks. Sales at the beleaguered supermarket chain, whose George at Asda fashion range is modelled by Yasmin Le Bon, plunged 5.9 per cent to £5billion for the three months to March 31. The news came a day after industry data from market researchers Kantar showed Asda's share of the market fell to 12.1 per cent – its lowest on record going back to 2011. But retail veteran Leighton, 72, said: 'Market share today means nothing to me. We're in a turnaround situation, restoring a business to an enduring proposition. 'That will take time. We're building a business for the future, not for the next five weeks.' He blamed the decline on a lack of price competitiveness and having 'had the worst availability in the industry'. But 'real progress' had been made since he became chairman in November, and it now has the 'best pricing position'. The grocer aims to be 7-10 per cent cheaper than rivals within the next year. Asda's market share has shrunk since its takeover four years ago by private equity firm TDR and the billionaire Issa brothers.
South Wales Argus
6 days ago
- Business
- South Wales Argus
Asda boss says ‘long way to go' in turnaround as sales fall further
However, Allan Leighton, who recently rejoined the UK's third largest grocery chain after more than 20 years, said it has seen 'green shoots' in its turnaround efforts. The retailer, owned by US private equity firm TDR Capital and petrol forecourt billionaire Mohsin Issa, previously said it could take between three and five years to get fully back on track. Industry figures released earlier this week showed Asda's share of the grocery market has shrunk to 12.1% – it's lowest since Kantar started collecting data in 2011. The firm has struggled to keep up with larger rivals Tesco and Sainsbury's and come under pressure from fast-growing discounters Aldi and Lidl since its debt-fuelled takeover in 2021. On Thursday, Mr Leighton said the retailer's 'prices were too high and availability was woeful' before his appointment, leading shoppers to switch. Earlier this year, the company reduced the prices of more than 10,000 products in its renewed strategy to win over shoppers. Bosses said the retailer will still follow through with ambitions to keep pricing low across rafts of products despite accelerating food inflation. The company said it hopes to win back customers across the board but can benefit from bringing its pricing 'closer' to low-priced discounter rivals. Mr Leighton said: 'Earlier this year we set out a clear ambition to make Asda the number one choice again for value-conscious families. 'To deliver this, we are making a material investment to move our entire range to a new, lower Asda Price by the end of next year. 'Although we are seeing the green shoots in sales performance, there is a long way to go, and we remain firmly focused on widening the price gap over other full-service supermarkets to give customers the savings they expect every time they shop at Asda.' It came as the Leeds-based retailer reported that total revenues, excluding fuel, fell by 5.9% to £5 billion for the first three months of 2025. The company said this included a 1.1% impact against last year's extra day trading due to the leap year. Asda added that like-for-like sales were 3.1% lower for the four months to Easter and this improved further in May.
Glasgow Times
6 days ago
- Business
- Glasgow Times
Asda boss says ‘long way to go' in turnaround as sales fall further
However, Allan Leighton, who recently rejoined the UK's third largest grocery chain after more than 20 years, said it has seen 'green shoots' in its turnaround efforts. The retailer, owned by US private equity firm TDR Capital and petrol forecourt billionaire Mohsin Issa, previously said it could take between three and five years to get fully back on track. Industry figures released earlier this week showed Asda's share of the grocery market has shrunk to 12.1% – it's lowest since Kantar started collecting data in 2011. The firm has struggled to keep up with larger rivals Tesco and Sainsbury's and come under pressure from fast-growing discounters Aldi and Lidl since its debt-fuelled takeover in 2021. On Thursday, Mr Leighton said the retailer's 'prices were too high and availability was woeful' before his appointment, leading shoppers to switch. Earlier this year, the company reduced the prices of more than 10,000 products in its renewed strategy to win over shoppers. Bosses said the retailer will still follow through with ambitions to keep pricing low across rafts of products despite accelerating food inflation. The company said it hopes to win back customers across the board but can benefit from bringing its pricing 'closer' to low-priced discounter rivals. Mr Leighton said: 'Earlier this year we set out a clear ambition to make Asda the number one choice again for value-conscious families. 'To deliver this, we are making a material investment to move our entire range to a new, lower Asda Price by the end of next year. 'Although we are seeing the green shoots in sales performance, there is a long way to go, and we remain firmly focused on widening the price gap over other full-service supermarkets to give customers the savings they expect every time they shop at Asda.' It came as the Leeds-based retailer reported that total revenues, excluding fuel, fell by 5.9% to £5 billion for the first three months of 2025. The company said this included a 1.1% impact against last year's extra day trading due to the leap year. Asda added that like-for-like sales were 3.1% lower for the four months to Easter and this improved further in May.
North Wales Chronicle
6 days ago
- Business
- North Wales Chronicle
Asda boss says ‘long way to go' in turnaround as sales fall further
However, Allan Leighton, who recently rejoined the UK's third largest grocery chain after more than 20 years, said it has seen 'green shoots' in its turnaround efforts. The retailer, owned by US private equity firm TDR Capital and petrol forecourt billionaire Mohsin Issa, previously said it could take between three and five years to get fully back on track. Industry figures released earlier this week showed Asda's share of the grocery market has shrunk to 12.1% – it's lowest since Kantar started collecting data in 2011. The firm has struggled to keep up with larger rivals Tesco and Sainsbury's and come under pressure from fast-growing discounters Aldi and Lidl since its debt-fuelled takeover in 2021. On Thursday, Mr Leighton said the retailer's 'prices were too high and availability was woeful' before his appointment, leading shoppers to switch. Earlier this year, the company reduced the prices of more than 10,000 products in its renewed strategy to win over shoppers. Bosses said the retailer will still follow through with ambitions to keep pricing low across rafts of products despite accelerating food inflation. The company said it hopes to win back customers across the board but can benefit from bringing its pricing 'closer' to low-priced discounter rivals. Mr Leighton said: 'Earlier this year we set out a clear ambition to make Asda the number one choice again for value-conscious families. 'To deliver this, we are making a material investment to move our entire range to a new, lower Asda Price by the end of next year. 'Although we are seeing the green shoots in sales performance, there is a long way to go, and we remain firmly focused on widening the price gap over other full-service supermarkets to give customers the savings they expect every time they shop at Asda.' It came as the Leeds-based retailer reported that total revenues, excluding fuel, fell by 5.9% to £5 billion for the first three months of 2025. The company said this included a 1.1% impact against last year's extra day trading due to the leap year. Asda added that like-for-like sales were 3.1% lower for the four months to Easter and this improved further in May.
